Jersey City, N.J. – June 25, 2013 – Congressman Donald M. Payne, Jr., representative of New Jersey’s 10th district, held a press conference at Saint Peter’s University today to discuss why it is important to keep student interest rates low. The press conference was in light of the impending deadline on student loan interest rates, which are set to double from 3.4 percent to 6.8 percent on July 1 if Congress does not take action.
Congressman Payne outlined three possible options in terms of student loan interest rates, which are to let the student interest rates double by not taking any action, vote on a Republican bill with variable interest rates or act swiftly in Congress and vote to keep interest rates low for those striving to obtain an education, with the latter being the obvious choice.
“New Jersey’s students already graduate with the tenth highest debt in the nation and raising the interest rate would devastate students and their families as they decide whether they can even stay in school,” said Congressman Payne. “One of my top priorities is keeping higher education affordable for all who want it because education is our greatest equalizer. Congress has to act swiftly and vote to keep interest rates low because when our students succeed, we as a community succeed.”
Marylou Yam, Ph.D., R.N., provost and vice president of academic affairs at Saint Peter’s University, also addressed the crowd at the press conference. “We are honored to have Congressman Payne at Saint Peter’s, to discuss a topic that affects students in HudsonCounty, students throughout New Jersey, and students across the United States,” she said. “Historically, Saint Peter’s students were fortunate to have among the lowest amount of debt upon graduation, but as debt is increasing we look forward to working with Congressman Payne to help find a solution to this problem. Together, we hope we can find some sort of relief for today’s student so they are able to receive a college education without the burden of drowning in debt.”
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Saint Peter’s University, inspired by its Jesuit, Catholic identity, commitment to individual attention and grounding in the liberal arts, educates a diverse community of learners in undergraduate, graduate and professional programs to excel intellectually, lead ethically, serve compassionately and promote justice in our ever-changing urban and global environment.
Media Contact:
Angeline Boyer
(201) 761-6238
aboyer1@saintpeters.edu
